Home » Edo to monitor banks’ cash disbursement

Edo to monitor banks’ cash disbursement

New Naira notes

The Edo State Government has said it will monitor the disbursement of the new naira notes and ensure the availability of the notes in the state.

The Commissioner for Communication and Orientation, Chris Nehikhare, who stated this on Tuesday said the monitoring would be done in conjunction with the Central Bank branch in the state.

He noted that the move was to ensure that money was available to the populace and alleviate the suffering of the masses.

Nehikhare said, “What we intend to do is monitor the amount that comes into the state through the CBN branch in the state and know how it is disbursed to different commercial banks so that those hoping to engage in sharp practices would be identified and discouraged from doing so.

“We used the same method to tackle fuel crisis in the state and we are sure that working with the CBN to monitor funds brought into the state will help greatly. We are happy the CBN is on the same page with us to solve this problem.”

The Director, Risk Management of CBN, Blaise Ijebor, said over N1bn had been disbursed to commercial banks in the last three days and more would be disbursed in the coming days.

He said, “On Sunday, we gave banks about N400m, we gave about N200m on Monday and on Tuesday, we gave N460m. So, we are pushing out money. We want to make sure that everybody in Edo State has access to enough cash to continue to do their legitimate business across the state.

“We appeal that, given the redesigned naira, our push to have less cash in the society, which the Edo State government has supported, we are encouraging everybody to use alternative means of payment through bank apps, USSD or pay through PoS in shops.

“We have also directed banks to pay over the counter up to a maximum of N20,000 per person per day. Some banks because of the crowd might reduce the amount so that everybody will get something.”

He added, “All bank branches have some cash to give out and we are going to make more cash is available everyday throughout this week. Also, we are expecting the new redesigned naira to land Benin within the next day, hopefully. And, we will be able to fill most ATMs by tomorrow.

“Let me appeal to everyone in Edo State that there is no need for any tension, your money is safe. We will make available as much as you need for your transactions.

“We are also aware that people are doing all sorts of sharp practices and we want to warn them. We will continue to do everything within our powers to improve the situation.”

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